Holidays are the first things to be cut among those keen to buy a home, according to a survey from Barratt Homes.
The housebuilder, which is building homes across the Isle of Wight, asked 2,000 people which luxuries they would cut back on in order to save the money needed to make their dream move.
More than a third of those asked (35%) said they would forgo that special trip away, closely followed by 32%, who were brave enough to sacrifice time in the pub, eating out, or visiting the cinema.
Michelle Storer, sales director for Barratt Homes has said:
“Acquiring a new home is a big financial commitment for anyone and, understandably, many would-be buyers take it very seriously. We all love life’s little luxuries, like holidays and evenings out, but those asked in our survey told us it was worth giving them up for a short while for the greater cause.
“At Barratt, we do our best to help by offering a number of schemes designed to make it easier to save for a deposit. Help to Buy, for example, is available on all new-build homes up to £600,000 in England. It allows many to own their new property by paying just five per cent up front. And that’s a big help for those struggling to find anything they’re able to go without during the saving process.”
According to the survey, just 6% said they would be willing to stop smoking in a bid to acquire some extra funds – with only 13% abstaining from alcohol. Daily treats like coffee are too important to miss for many of those asked, with a paltry 10.5% happy to give them up. And gadgets are pretty high on the list of important items, with just over 15% willing to miss out on the latest smart phone or tablet.
Barratt Homes is currently working on new developments on the Isle of Wight including Bluebell Meadows, Hawthorn Meadows and St George’s Gate.
